Separation of Ownership and Control

Publication

Publication

The effect of ownership structure on the corporate governance
in the Benelux

The purpose of this research is to analyse the effects of ownership structures on the
managerial efficiency in the corporate governance. A sample of 171 publicly listed firms in
the Benelux from 2013 until 2015 is used to measure the overall effect. An analysis is
conducted in which the ownership concentration and the heterogeneity among the
concentration of shareholders are regressed against the firm performance. Besides, the effects
of two different types of ownership identity are tested, family ownership and institutional
ownership. The only systematic relation found in this research is between ROE and the
concentration of shareholders, which is significant at a significance level of 10%. In this
research no strong support is found to argue a significant relationship between ownership
structures and the performance measurements ROE, ROA and Tobin’s q.